Internet of Things Industry In China Surpassed $90 Billion In 2014

Internet of Things is claimed to be the future of technology all over the world. China has been making efforts for a long time to become a leader in the IoT market. A recently published report claims that China’s IoT industry was worth $90 billion or 580 billion yuan in 2014. With an average yearly growth of 18.46%, it is expected to surpass $100 billion by the end of 2015.

The report published by Xinhua News Agency during IoT Expo in East China’s Wuxi City also cited that IoT has become a powerful driving force for economic growth and innovation in China. The IoT industry in China is so diversified that it covers everything from manufacturing, and agriculture to new materials and energy field.

As of now there are four Internet of Things industry centers in China — Yangtze River Delta, Bohai Rim, Pearl River Delta, and western and central China. As per the report, some of the challenges faced by IoT industry in China are problems in information, application, data security, and importation of chip and sensor technology. The country’s working towards resolving these issues to pave its way into global IoT leadership.